Okta (NASDAQ:OKTA) Price Target Raised to $120.00 at Royal Bank of Canada

Okta (NASDAQ:OKTA) had its price objective hoisted by Royal Bank of Canada from $115.00 to $120.00 in a research note published on Tuesday,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also recently weighed in on the company. Morgan Stanley upgraded Okta from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $92.00 to $97.00 in a report on Monday, December 2nd. Needham & Company LLC restated a “buy” rating and issued a $115.00 target price on shares of Okta in a research note on Tuesday. Mizuho upgraded Okta from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $110.00 to $127.00 in a research note on Tuesday. KeyCorp boosted their target price on Okta from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Stifel Nicolaus boosted their target price on Okta from $108.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, Okta has an average rating of “Moderate Buy” and an average target price of $113.10.

Okta Trading Up 24.3 %

NASDAQ:OKTA opened at $108.31 on Tuesday. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market capitalization of $18.56 billion, a PE ratio of -309.46, a price-to-earnings-growth ratio of 6.42 and a beta of 1.09. The business’s 50-day simple moving average is $89.88 and its 200-day simple moving average is $82.47.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,740 shares of the company’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $97.59, for a total value of $267,396.60. Following the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at $2,159,178.75. This represents a 11.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jacques Frederic Kerrest sold 390,000 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $87.09, for a total value of $33,965,100.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 849,482 shares of company stock valued at $74,422,216. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of Jackson Hole Trust bought a new stake in shares of Okta during the 4th quarter valued at $25,000. Itau Unibanco Holding S.A. bought a new stake in shares of Okta during the 3rd quarter valued at $25,000. Legacy Investment Solutions LLC bought a new stake in shares of Okta during the 3rd quarter valued at $32,000. TD Private Client Wealth LLC lifted its position in shares of Okta by 3,507.7% during the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock valued at $37,000 after acquiring an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of Okta during the 4th quarter valued at $40,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.